Simon Property Group, Inc (SPG) recently announced that it has commenced construction of an upscale shopping center named Phoenix Premium Outlets in Chandler, Arizona. Phase I of the project, encompassing 360,000 square feet of space. is expected to open in spring 2013.
Phoenix Premium Outlets comprises premium and high quality brands and will serve the Greater Phoenix and Scottsdale areas. Simon Property is expected to benefit from the this project as it is located adjacent to the Wild Horse Pass Hotel & Casino and various other facilities at Wild Horse Pass.
This upscale shopping center is expected to boost the region’s local economy, generate huge employment opportunities and will also be a major attraction for all the residents in that area.
Headquartered in Indianapolis, Indiana, Simon Property is the largest publicly traded retail real estate company in North America with assets in almost all retail distribution channels. Furthermore, the company’s international presence gives it a more sustainable long-term growth story than its domestically focused peers. The geographic and product diversity of the company insulates it from market volatility to a great extent and provides a steady source of income.
Simon Property currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Macerich Co. (MAC) holds a Zacks #3 Rank, which implies a short-term Hold rating.
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